At last night’s State of the Union address, President Barack Obama announced that he would form a new task force to investigate frauds involving home loans and mortgage-backed securities. Chairing the new effort, President Obama announced, would be none other than New York Attorney General Eric Schneiderman, who has challenged the White House’s foreclosure policies in the past.

“The goal of this joint investigation will be threefold: to hold accountable any institutions that violated the law; to compensate victims and help provide relief for homeowners struggling from the collapse of the housing market, caused in part by this wrongdoing; and to help us finally turn the page on this destructive period in our nation’s history,” said a White House document obtained by Sam Stein of the Huffington Post, who first reported the news.

Last summer, Attorney General Schneiderman prominently led efforts opposing a bank foreclosure deal backed by the Obama administration, arguing that the settlement would limit their ability to investigate the banks’ potential wrongdoing.

Mr. Schneiderman, who was a guest of First Lady Michelle Obama at the State of the Union speech, sent out a statement applauding the President’s efforts. “I would like to thank President Obama for his leadership in the creation of a coordinated investigation that marshals state and federal resources to bring justice for the victims of the misconduct that caused the mortgage crisis,” he said.

“The American people deserve a robust and comprehensive investigation into the global financial meltdown to ensure nothing like it ever happens again, and today’s announcement is a major step in the right direction.”

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